Reflecting

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Oct 17, 2006 2:55 pm

[quote=Indyone]

22.  I was scratching my head trying to figure out what a "nosey" printer was...thanks for clearing that up...

[/quote]

Cut a brother a little slack...Those damn printers were always up in my bitness.

Oct 17, 2006 2:58 pm

[quote=success]I guess you all have heard about the Jones new fee based platform.  A proposal should be in by 12/31/06.  You guys are running out of bad topics to discuss[/quote]

LOL...As long as there's an Edward D. Jones & Co. in business, there'll never be a shortage of bad topics to be discussed ad nauseum.

Oct 17, 2006 3:24 pm

[quote=Spaceman Spiff]Indy, there are a couple of people on this forum that I like hearing from.  You are one of them.  I’d love to have lunch with a guy like you sometime and have a good discussion about the differences in our two worlds.  If you have any Jones friends ask them to show you our new financial assessment tools.  Jones is slowly rolling out the cool stuff, but we already have enough tools to overwhelm most of our clients pretty quickly.  And the old satellite system is soon to be history.  They’re in the process of putting us all on land lines.  I think I’m slated for Febuary of 2010.  Actually it should happen in the next 6 months. 

I've enjoyed this debate and I look forward to the next one I'm sure is just around the bend.[/quote]

Aw shucks...it's stuff like this that has caused me to post 1276 (and counting) times on this forum.  Those who've taken my sparring too seriously in the past have been quick to point out my 2-3 posts daily as evidence that I'm a slacker/small producer/loser, etc., but honestly, I view this forum as a resource where I can learn by reading posts from the likes of Bond Guy, Babs, and yes, even Mikebutler and S2BG (when they're not busy sparring...)...oh and yes, you too, Joe "where's the love?" Broker.  I can be amused by the jokes and sparring or skip over them in the search for substance, and hopefully, I can contribute something useful back to the forum on occasion.  It's probably a similar feeling of self-worth that EJ reps feel when mentoring a new broker and then seeing them succeed.

I do enjoy talking shop with other reps on occasion and have had different reps stop by to see the setup and learn more about how I do business, since I've left the fold, and if the schedule allows, I enjoy the interaction (although I don't tend to give up much in the way of trade secrets to local competitors....my book isn't that big yet).

Who knows, Spiff...perhaps some day our paths will cross and we'll get to break bread together while debating the merits of our respective B/Ds (unless you've seen the light and joined LPL by then ).  Until then, I'll have to settle for chewing the fat with the local Jonesies and carrying on our debate online...cheers to you...

Oct 17, 2006 7:28 pm

Well put, Indy.  Take the good and leave the rest.

Oct 18, 2006 1:14 pm

i do pretty well w/o fee based.  some clients like to pay as you go.  We ALL know fee based is to help get rid of the up/downs in monthly commissiopns.  Granted, some clients prefer fee based, but the vast majority have no clue what they are doing and rely soley on our advice. 

Oct 18, 2006 1:30 pm

[quote=success]i do pretty well w/o fee based.  some clients like to pay as you go.  We ALL know fee based is to help get rid of the up/downs in monthly commissiopns.  Granted, some clients prefer fee based, but the vast majority have no clue what they are doing and rely soley on our advice.  [/quote]

What specialized training do you have to offer advice?

Oct 18, 2006 1:58 pm

A series 65.

Oct 18, 2006 2:02 pm

[quote=Soon 2 B Gone]

[quote=success]i do pretty well w/o fee based.  some clients like to pay as you go.  We ALL know fee based is to help get rid of the up/downs in monthly commissiopns.  Granted, some clients prefer fee based, but the vast majority have no clue what they are doing and rely soley on our advice.  [/quote]

What specialized training do you have to offer advice?

[/quote]

The Hartford wholesaler at the summer regionals gave an inspirational talk. 

Why do you ask?

Oct 18, 2006 2:54 pm

series 66 and CFP

Oct 18, 2006 3:43 pm

I slept at a Holiday Inn Express last night.

Oct 18, 2006 8:19 pm

uwec86:

I slept at a Holiday Inn Express last night.

------------------------------------

Oct 18, 2006 8:29 pm

With the Dow at 12,000 more and more of you are going to be talking to clients who are wanting to liquidate their holdings, to take their profits before the profits evaporate.

If you advise them to hold on for the long run and there is a major correction how will you maintain them as clients?

On the other hand, if you agree and suggest that they follow their instinct and the market continues to rise how will you maintain them as clients?

What specialized training do you have that makes you qualified to advise a sixty year old man and wife who are sitting on $1 million and need to make it last for the rest of their lives?

Oct 18, 2006 8:58 pm

Risk tolerance doesn’t change just because the market hits a high. Either

they belong in the market or they don’t.

Oct 18, 2006 10:30 pm

It’s all about income…“You either need income now, later or want to pass it on to your heirs.”

Oct 18, 2006 10:46 pm

[quote=uwec86]It's all about income..."You either need income now, later or want to pass it on to your heirs."[/quote]

Preservation of assets is not a factor in your world?

Is the amount of income a portfolio generates a factor of the size of the portfolio?

Oct 18, 2006 10:50 pm

GWB



It will be the biggest thing ever.

Oct 18, 2006 10:55 pm

[quote=Reggin] Risk tolerance doesn’t change just because the market hits a high. Either

they belong in the market or they don’t.[/quote]



Risk tolerance doesn’t change but the percentages in a portfolio do quite frequently. If you aren’t reallocating some of your gains back to income or cash, you are doing your clients a disservice. My 5 cents.

Oct 18, 2006 10:56 pm

[quote=doberman]

uwec86:



I slept at a Holiday Inn Express last night.



------------------------------------



[/quote]



I can’t afford the Holiday Inn, we had to stay at the Sheraton.
Oct 19, 2006 11:26 am

[quote=Soon 2 B Gone]

With the Dow at 12,000 more and more of you are going to be talking to clients who are wanting to liquidate their holdings, to take their profits before the profits evaporate.

If you advise them to hold on for the long run and there is a major correction how will you maintain them as clients?

On the other hand, if you agree and suggest that they follow their instinct and the market continues to rise how will you maintain them as clients?

What specialized training do you have that makes you qualified to advise a sixty year old man and wife who are sitting on $1 million and need to make it last for the rest of their lives?

[/quote]

This is something I have been worrying about while the news media and others are breaking out the party hats for the Dow hitting new highs.   I have no crystal ball for the future, but do feel in "my gut" that we are in for a pull back in the near future and especially so if the Democrats gain control of the House and Senate at the same time.

I think that we need to sit down with each client and evaluate several factors as to whether it is advisable to maintain market positions that we have now or take profits and pull back to a more defensive position.

Age and time to retirement Net worth and the amount that is invested in the market Other investments (real estate etc) RISK TOLERANCE and the emotional tenor of the clients.  Just because they have a lot of assets and we think they can ride out a pull back from the high doesn't mean that they emotionally can do so.

We need to discuss the implications of being strictly in cash (inflation, missed opportunities if there is no downward trend in the market after all), how to protect the portfolio if they decide they want to stay in the market, how long will it take to recover if there were a Bear market and can they stand it, how long to stay on the side lines and if/when do they think they might want to ease back into the market, re-define what their goals are and what would be the effect to them of a market decline or if they decided to go to cash.  

Document, document document that we have had these discussions.  I have had clients recently who wanted to get more aggressive; a very bad sign in my book, even more worrisome than those who want to pull to cash.   I have made them sign documents that I have advised against these aggressive moves.  If they make money...well good.... they won't hold it against me because they know I am a cautious advisor. However, if they lose, at least I have some documentation that I told them not to.

How will we maintain them as clients?  Being proactive, listening to what they want and presenting all sides of the problem, making them a part of the process and guiding, not forcing, them into a decision.

I guess we will lose a few who will blame us for their own decisions. 

Oct 19, 2006 11:29 am

[quote=Soon 2 B Gone]

[quote=uwec86]It's all about income..."You either need income now, later or want to pass it on to your heirs."[/quote]

Preservation of assets is not a factor in your world?

Is the amount of income a portfolio generates a factor of the size of the portfolio?

[/quote]

Which means income later, unless the client can live off off money market income.  It's just a concept...the details of the clients risk tol., income, etc. dictate what you do with the assets and of course, market conditions.